Aviva Partial Transfers

Croeso69

About 4 months ago, these were completed in 2 weeks, however now they are taking 4 weeks (to the same SIPP) and still counting.

Is anyone aware of any new issues at Aviva regarding transfers out? It isn't covid as there were no issues in October/November last year.

dunstonh

Aviva are one of the quickest when it comes to transfer outs.   Apart from some heritage/legacy plan types that are done manually, they usually transfer within days of receiving the request from the receiving scheme.

They have been doing transfers a bit slower over the last year but only days being added.  Not weeks.

Croeso69

dunstonh said:

Aviva are one of the quickest when it comes to transfer outs.   Apart from some heritage/legacy plan types that are done manually, they usually transfer within days of receiving the request from the receiving scheme.

They have been doing transfers a bit slower over the last year but only days being added.  Not weeks.

Thanks. I wonder if the delay is at the receiving SIPP - Hargreaves Lansdown?

Maybe they don't submit the request as fast as they used to?

dunstonh

Croeso69 said:

dunstonh said:

Aviva are one of the quickest when it comes to transfer outs.   Apart from some heritage/legacy plan types that are done manually, they usually transfer within days of receiving the request from the receiving scheme.

They have been doing transfers a bit slower over the last year but only days being added.  Not weeks.

Thanks. I wonder if the delay is at the receiving SIPP - Hargreaves Lansdown?

Maybe they don't submit the request as fast as they used to?

Both HL and Aviva use Origo.    I have done a good number of transfers from HL to Aviva (Aviva being a cheaper platform than HL).  Not the other way around though.   HL is not the fastest or the slowest.  I would say average. 

Is the Aviva pension a workplace pension?   If so, a number of these require the trustees to sign off on them.  That can add a delay and that can go into weeks.  Or even months.  The delay in those cases wont be HL or Aviva but the trustees. 

Croeso69

dunstonh said:

Croeso69 said:

dunstonh said:

Aviva are one of the quickest when it comes to transfer outs.   Apart from some heritage/legacy plan types that are done manually, they usually transfer within days of receiving the request from the receiving scheme.

They have been doing transfers a bit slower over the last year but only days being added.  Not weeks.

Thanks. I wonder if the delay is at the receiving SIPP - Hargreaves Lansdown?

Maybe they don't submit the request as fast as they used to?

Both HL and Aviva use Origo.    I have done a good number of transfers from HL to Aviva (Aviva being a cheaper platform than HL).  Not the other way around though.   HL is not the fastest or the slowest.  I would say average. 

Is the Aviva pension a workplace pension?   If so, a number of these require the trustees to sign off on them.  That can add a delay and that can go into weeks.  Or even months.  The delay in those cases wont be HL or Aviva but the trustees. 

Yes, workplace pension. Better choice at Hargreaves so do partial transfers every 2/3 months (I pay a large contribution equal to the annual allowance via sal sac) and it used to complete in 2 weeks with the Aviva funds disappearing half way through. Latest transfer nearly 4 weeks and money still in Aviva scheme.

Just had a thought. As this is a workplace pension can I take an additional small pot from this one when i finish work on top of the 3 i will be taking from Hargreaves' useful bending of the rules?

The scheme commenced in 2015 (replacing an older scheme which i transferred to A J Bell Youinvest on commencement of this new scheme) and is accessed via Aviva membersite (formerly Friends Provident membersite) if that makes any difference. It is a 'New Generation Pension'.

elouise01582

I would not think that your workplace pension is a true occupational pension so you cannot benefit from the trivial funds rules on top of the 3 lots of small pots you plan to take from Hargeaves.

elouise01582

My understanding is that the AVIVA NGP is a group personal pension plan so my previous comment is correct.

Croeso69

elouise01582 said:

I would not think that your workplace pension is a true occupational pension so you cannot benefit from the trivial funds rules on top of the 3 lots of small pots you plan to take from Hargeaves.

elouise01582 said:

My understanding is that the AVIVA NGP is a group personal pension plan so my previous comment is correct.

Thanks, it was just an afterthought anyway.

Croeso69

Partial Update:

Yesterday the funds were still in the Aviva Company Pension.
Today the funds are gone with an effective transaction date of 1 February (i.e. 3 weeks ago)
Hopefully they will turn up at the intended destination this week.

Croeso69

Just to end this thread, the partial transfer appeared in my SIPP this morning, it took 6 weeks.

I also received a letter from Aviva (just now) saying they received the request on February 1st, so 4 weeks from when they received the request from Hargreaves.

Strange that they were done in 2 weeks last year when COVID restrictions were similar or arguably even stricter.

elouise01582

Resources have been reduced.